Greatest Trade Ever The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History

ISBN-10: 0385529910

ISBN-13: 9780385529914

Edition: 2009

List price: $32.00
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Description:

In 2006, hedge fund manager John Paulson realized something few others suspectedthat the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall.Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to bet against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. Colleagues at investment banks scoffed at him and investors dismissed him. Even investors skeptical about housing shied away from the complicated derivative investments that Paulson was warming to. But Paulson and a handful of renegade investors such as Jeffrey Greene and Michael Berry began to bet heavily against risky mortgages and precarious financial companies.Timing is everything, though. Initially, Paulson and the others lost tens of millions of dollars as real estate and stocks continued to soar.Rather than back down, however, Paulson redoubled his bets, putting his hedge fund and his reputation on the line. In the summer of 2007, the markets began to implode. By year's end, John Paulson had pulled off the greatest trade in Wall Street history, earning more than15 billion for his firma figure that dwarfed George Soros's billion-dollar currency trade in 1992.He made billions more in 2008. Some of the underdog investors who attempted the daring trade also reaped fortune; others who got the timing wrong met devastating failure. Written by the prize-winning reporter who broke the story in theWall Street Journal,The Greatest Trade Everis a superbly written, fast-paced, behind-the-scenes narrative of how a contrarian who foresaw the escalating financial crisis that outwitted Chuck Prince, Stanley O'Neal, Richard Fuld, and Wall Street's titans, amid the personal hubris and carnage of economic collapse, made financial history.
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Book details

List price: $32.00
Copyright year: 2009
Publisher: Knopf Doubleday Publishing Group
Publication date: 11/3/2009
Binding: Hardcover
Pages: 304
Size: 6.50" wide x 9.75" long x 1.00" tall
Weight: 1.144
Language: English

GREGORY ZUCKERMAN is a senior writer at theWall Street Journal,where he has been a reporter for twelve years. He pens the widely read ldquo;Heard on the Streetrdquo; column and writes about hedge funds, investing, and other Wall Street topics. Zuckerman appears on CNBC twice a week to explain complex trades. He is a two-time winner of the Gerald Loeb Award for coverage of the credit crisis, the demise of WorldCom, and the collapse of hedge fund Amaranth Advisors, and he is a recipient of other awards.  From the Hardcover edition.

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